News
Saudi Arabia Plans Wide-Ranging Entertainment Ecosystem
The global branding and urban planning for Qiddiya City aims to bring in 48 million visitors annually.
Qiddiya Investment Company has formed a merger with Saudi Entertainment Ventures (SEVEN) amid plans to comprehensively overhaul the entertainment sector. The new entity aims to construct a comprehensive entertainment ecosystem to further Saudi Arabia’s economic diversification and forge ahead with the construction of the multi-billion dollar Qiddiya project.
Managing director of Qiddiya and chairman of SEVEN Abdullah Aldawood, explained that the merger would “create a new concept of fun and improve the quality of life by building an integrated and unprecedented entertainment ecosystem”.
SEVEN brings vast experience to the ambitious plans after spearheading the development of 21 entertainment projects spanning 14 Saudi Arabian cities, with total investments exceeding $13 billion.
Among its many achievements, SEVEN was responsible for reintroducing cinemas to the Kingdom after a 35-year hiatus and has secured partnerships with global brands, including Transformers, Play-Doh, Hot Wheels, Clip’ n Climb, Discovery Adventures, and Flow House.
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Qiddiya was envisioned as a giga-project and slated for a 2022 opening. However, the timeline has now shifted, with the opening of the eagerly anticipated Six Flags and Aqua Arabia theme parks now pushed back to 2025.
News
Saudi Digital Payments Reach 80% As Cash Use Shrinks
Visa data shows cards and mobile wallets dominate spending, with smartphones now driving a growing share of daily transactions.
Digital payments now account for 80% of all transactions in Saudi Arabia, according to Visa’s latest Where Cash Hides report, another marker of how quickly the Kingdom is moving away from cash.
The share is up four percentage points from a year ago. Around 67% of consumers are now largely non-cash users, paying mainly with cards or mobile wallets. Smartphones are taking a bigger role, with mobile payments making up 16% of transactions.
Cash is retreating in routine spending. Eating out dropped 9%. Bill payments fell 8%, as shoppers opt for faster checkouts and app-based payments.
“The data shows a steady move toward digital payments in Saudi Arabia. Such progress is possible only because banks, fintechs, merchants, and technology partners are moving together in the same direction, in line with the Kingdom’s Vision 2030,” said Ali Bailoun, Visa’s Senior Vice President and Group Country Manager for Saudi Arabia, Bahrain, and Oman.
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Despite the recent findings, it’s important to note that cash hasn’t yet disappeared. It still shows up for tips (39%), peer-to-peer transfers (28%) and rent (14%).
Visa points to security features such as tokenization, along with rewards and cashback, as factors nudging more spending onto cards and phones — a shift that tracks with Saudi Arabia’s wider Vision 2030 push to digitize commerce.
Saudi Digital Payments Reach 80% As Cash Use Shrinks
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